Chapter 4+6 (T/F)

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T

The 80/20 (Pareto) Principle is a general guide as to what percent activities are likely to cause most of the results in a given situation.

T

The Delphi Technique is a form of group decision making designed to provide group members with one another's ideas and feedback while avoiding some of the problems associated with interacting groups

F

The Rolls Royce and Mercedes Benz automobiles are examples of a cost leadership strategy.

F

The data-driven decision maker relies mostly on intuition when making decisions.

T

The economic-order quantity (EOQ) is the inventory level that minimizes ordering and carrying costs.

F

The experience of General Motors in diversifying into financial services illustrates how sticking to core competencies is the most effective business strategy.

F

Under just-in-time inventory control, an ample safety stock is accumulated to deal with emergencies such as supplier problems and labor strikes.

T

With scenario planning, you prepare for what the future might look like.

T

An example of the business strategy of sticking to core competencies is for a company like Papa John's Pizza to concentrate on selling pizza and related food and beverage items to the public.

F

Corporate-level strategy helps answer the question, "Which businesses should we enter?"

T

Corporate-level strategy is concerned with the total direction of the enterprise and the selection of specific businesses.

T

Data-driven management is more of an attitude and approach than a specific technique,

T

Firms must constantly change in order to be aligned with their key environments.

T

Forecasts that are updated regularly with fresh data are referred to as rolling forecasts.

T

If a manager recalls success stories from global expansion to Singapore, he might overestimate the chances of succeeding in that country. This is an example of the recallability trap.

T

In an advanced application of PERT, expected times are based on frequency distributions of how long certain events took place in the past.

F

In management by objectives, the objectives start at the bottom of the organization and move upward.

T

In planning, measuring external threats is part of defining the present situation.

T

Janet is supervising the construction of an animal hospital. An example of a milestone in her project would the installation of the operating room.

T

Just in time is applicable only to highly repetitive manufacturing operations such as car or residential furnace manufacturing.

T

Maintaining the right level of inventory is a major factor influencing the financial health of an organization.

T

One of the five competitive forces is the power of customers to affect pricing and reduce profit margins.

T

An MBO program involves people setting many objectives for themselves.

T

An exit strategy might be part of the contingency plan.

F

A SWOT analysis is often used to decide upon which weapons and tactics will be used to deal with a corporate crisis such as a contaminated food product.

T

A decision tree is a graphic illustration of the alternative solutions available to solve a problem.

T

A firm's strategy is a master plan for achieving its goals and objectives

T

A major aspect of the nature of business strategy is to choose a unique set of activities to deliver a unique value.

T

A medical products firm specializes in the manufacture of prosthetic arms and legs, thereby illustrating a focus strategy.

T

A rule is a specific course of action or conduct that must be followed;.

T

A technological forecast predicts what types of technological changes will take place.

F

Break-even analysis assumes that unit costs vary in relation to sales volume.

T

Brett is a data-driven manager so he relies more on facts than human impressions when making decisions.

T

Much of the accuracy of a PERT chart depends upon estimates of the time necessary to complete each activity.

F

Nike and Apple get together to produce a soccer ball that plays tunes when in motion, illustrating a functional-level business strategy.

F

One of the competitive forces identified by Michael Porter is the power of charities to extract money from a corporation.

T

Operational planning often focuses on the short term.

T

The first step in the planning process is defining the present situation.

T

The information compiled in a Gantt chart is well suited as a control device.

F

The inventory management system called LIFO, refers to selling your oldest inventory first.

T

The just-in-time system emphasizes that customer demand is the most important factor in determining how much product to manufacture.

T

The major purpose of the strategic inventory is to help the manager size up the competition, the customers, and the technology necessary to compete effectively.

F

The major thrust of business strategy is to achieve a high level of operational effectiveness and efficiency.

T

The mission of the Grand Union supermarket chain is probably to provide food, beverages, and related merchandise (all of high quality) to the general public.

T

The overconfidence trap in making forecasts leads a person to overestimate the accuracy of his or her forecasts.

F

The prudence trap in making forecasts leads a person to make overly optimistic forecast so as not to appear too conservative.

T

The purpose of crowdcasting is to obtain widespread input into the development of business strategy.

T

Time-series analysis is an historical approach to making forecasts.

T

To bring about a successful SWOT analysis, it is important to be clear about what you are doing and why.

F

To speed up the completion of a project, the manager should attempt to give top priority to all activities not on the critical path.


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